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General Information

Company Name

FEX FindEx Ltd.

Operating Locations

Worldwide

Number of Employees

7

Registered Address

L39 One Canada Square London E14 5AB United Kingdom

Date of Incorporation

30 September 2015

Company Sector

Financials

Your main target audience is

Consumer

FindEx, is a powerful mobile app that helps users locate the most competitive international currency exchange rates near them offering them detailed information like address, street view, contact details, opening hours, review.
FindEx for the FX Retailer, we offer an advanced desktop platform, to create a uniquely competitive currency marketplace among retailers to offer their exchange services – connecting Exchanger with Retailer. In order to keep the currency data accurate FindEx gives retailers a platform on the cloud to manage their branches, share and update the their currency rates, and most importantly encourage foot traffic into their businesses, coming soon on the next version online payment delivery and reservation in store.
We combine geolocation with the power of a complete, up-to-date international database with over 60K retailers registered (manually sorted) over the past year. Including local currency franchise FX retailers, banks, foreign currency ATM's and hotel.

The Business

What problem does your company solve?

Rocket high commissions and hidden fees for currency exchange;No location-based currency exchange information and which type of foreign currency is accepted or not by the FX retailer;Small FX retailers have a lack of exposure and marketing in comparison with large international franchises;

Qualifies for SEIS (UK companies only)

Yes, investment has already been made under SEIS is £GBP 150,000.00

Qualifies for EIS (UK companies only)

Yes

Equity fundraising target

£GBP 220,000.00

Pre-money valuation

£GBP 1,800,000.00

Previous year revenues

£GBP 0.00

Current full year estimated revenues

£GBP 14,744.00

Year to date revenues

£GBP 0.00

Financial year ends on

N/A

Previous Financings

No

View from New York city

Analyst

John Eade

Sector

Financials

Industry

The currency exchange rate software industry is fragmented and growing. Barriers to entry are relatively low, which is a positive factor for start-ups. These characteristics make the industry fiercely competitive, which is a further positive for this application. FindEx should be able to bring order to this industry.

Management

The Founder, Ricky Lee, has experience in mobile payment and digital currency solutions such as digital money wallets. Lee has founded 3 other companies in his career and has 9 apps in the App store. His current team brings together a wide range of specialties and talents that should prove beneficial in the early stages of bringing the product to market. While FindEx’s current timetable is robust in order to meet certain goals that coincide with large world events such as the 2016 Summer Olympics in Brazil, the company should refrain from releasing the app until its functionality is nearly flawless.

Competitive Advantage

FindEx’s pricing strategy will draw consideration from potential adopters because of its low cost and simplicity. From that point, the software development team will have to make sure the app delivers a consistent experience with few surprises. Of course, the business model is much more comprehensive, and can drive revenue through numerous other sources, including retailers and advertisers, among others.